This is one of those questions where a little economic history WOULD actually help.

Q: One of those elections that you spoke about that Labor one in 2007 when the Labor leader went to the election promising far less spending than the Coalition at the time, in fact less spending [more in every] single policy you announced yesterday, isn’t it time [that] this reckless spending has to stop?

OK. Now in 2007, it was the tail end of the mining boom. The economy was awash in money. Inflation was rising. And so what happens when governments follow neo-liberal economic policies when inflation is rising and there is too much money in the economy – say it with me guys – governments cut down on their spending. Yes! Correct – gold stars for all of you. And let’s say there is a global financial crisis and suddenly all the money drains out of the economy and inflation isn’t a problem, but recession could be – what do governments following those same policies do? Anyone? Anyone? Yes! Gold star to Grogs who is yelling very loudly in the office – governments INCREASE spending to stimulate the economy.

So do you see how different economic circumstances have different policies? If someone was to go to an election promising to cut spending all over the place in a time of mass global economic uncertainty – for example if a batshit crazy dictator was elected by the world’s largest economy and he started wrecking havoc with the world’s markets, then you wouldn’t want to cut, because people would panic and you would create – what? Anyone? Anyone? Yes – a recession. Snaps all round.

Albanese:

What we’re doing is putting out responsible policies and that’s why if you look at our $10 billion program that we are now desperate that we announced its four grants match, $8 billion is for loans and equity, that will produce income back in be able to be reinvested.

That is the difference here. Between that and a one off cash payment for one year that disappears then and then higher income taxes so that is what the alternative policy is and the housing policy that doesn’t do anything about supply.

What we’ve done is very carefully calibrated the cost of living measures that were put in place in a way that have continued to put downward pressure on inflation. Inflation had a six in front of it, it is now at 2.4. Interest rates started to climb before the last election. Now they’ve started to fall that’s because of our responsible economic management that we will continue to pursue.